The two-year project will see experts from the institutions collaborate to examine how connecting with the future can ultimately help improve people’s relationship with money.

Aegon’s centre for behavioural research will work with academics from the Business School incorporating the latest insights from anthropology and neuroscience, to understand the topic of financial wellbeing linked to people “developing a more concrete picture of their future selves”.

The project is a continuation of Aegon’s focus on financial wellbeing and follows on from the recent launch of the Aegon Financial Wellbeing Index. The index suggested that the biggest improvement most people could make to their financial wellbeing relates to mindset.

Prof Gbenga Ibikunle, director for industry, economy and society at the University of Edinburgh's Edinburgh Futures Institute said: ‘’The University of Edinburgh’s Edinburgh Futures Institute connects researchers from a range of disciplines to address major industry challenges in a range of sectors, including the financial services sector.

“Improving financial wellbeing is one our main focus areas, and we are therefore excited to partner with Aegon to help create the tools and interventions that will ultimately help millions of their customers better plan for their financial futures.

“I have no doubt that this partnership will bring some really innovative solutions to customers.’’

Aegon is also a founding corporate partner of the Initiative for Financial Wellbeing.